PARIS, Oct 19 Reuters French spirits maker Pernod Ricard on Thursday forecast higher sales in fiscal year 202324 despite reporting an expected 2 drop in its firstquarter sales due to weaker consumer demand in China.

The soft start to the year also reflected inventory adjustments in the United States at retailer level and high yearago comparables in both countries.

Pernod, the world39;s secondbiggest spirits group behind Diageo, said its organic sales growth for the fiscal year that started July 1 would be broadbased and diversified, with a positive outlook in the United States and China and strong growth in travel retail and India sales.

Easing inflationary pressures, a focus on operational efficiencies and cost control would help operating margin expansion in the full year, it said.

Pernod which owns Martell cognac, Mumm champagne and Absolut vodka reported sales of 3.042 billion euros 3.20 billion from July to September, a likeforlike decline of 2, slightly better than an analyst consensus for a 2.6 drop.

Sales fell 8 each in the United States and China in the first quarter.

As expected we experienced a soft start to the year, yet I am encouraged we have largely offset declines in the U.S and China this quarter, thanks to our good performance in other markets, Chairman and CEO Alexandre Ricard said in a statement.

Pernod Ricard said it remained confident over its midterm goals for its financial years 20232025 , aiming for the upper end of a 47 net sales…